CEG·Independent Power Producer (IPP) — competitive merchant generation (nuclear + gas) and competitive retail supply

Constellation Energy

ConvictionStrong

Owns/operates ~60 GW of generation (largest US nuclear fleet + Calpine gas/geothermal) and sells the output wholesale into PJM/ERCOT/Northeast, via direct hyperscaler PPAs, and through a competitive retail book; earns on the spread between realized power prices and fuel/purchased-power cost plus capacity/ancillary revenue.

Revenue

$25.5B FY2025+8.3% YoY — fact); Q1 FY26 $11.1B (+64% YoY on Calpine consolidation — fact

Rev growth

+8.3% FY25+64% Q1 FY26 YoY (Calpine-driven, not organic — fact

Gross margin

Not separately reported as 'gross margin'fuel + purchased-power is the dominant cost (Calpine fuel/purchased-power ~$6.35B in Q1 FY26). Estimate: utility-style margin is thin at revenue line, with value in capacity/PPA spreads — treat headline margin with care.

Op margin

~12% FY2025$3.09B op income / $25.5B — fact); ~22% in Q1 FY26 on Calpine mix + favorable spreads (fact, quarter-specific

Capex intensity

~$3.9B planned capex on a ~$30B+ combined revenue base ≈ ~12–13% capex/revenueestimate

Market cap

~$84–88B24 Jun 2026; price ~$268, down ~33% from the ~$402–412 52-wk high — fact

Across the boards

The thesis on this name

opportunityModerate

State of Data-Center Power

Full context

position · longStrong

State of Data-Center Power

Full context

book · long

State of Data-Center Power

Full context

Primary source

Reported financials — SEC EDGAR

Audited GAAP figures pulled from SEC filings · latest filing 2026-02-24. The audited primary-source spine — not financial advice.

Live feed

Revenue — annual (GAAP)

FY’22

$24.4B

FY’23

$20.8B-15%

FY’24

$19.0B-9%

FY’25

$22.7B+20%

Margins & balance sheet — FY’25

Operating margin13.6%

Net margin10.2%

Net debt$16.6B

The read

Where our coverage leans

Coverage leans bullish

Members only

Full financial intelligence for Constellation Energy

Earnings, margins & COGS, the income-statement breakdown, SWOT, moats & dependencies, the supplier–customer ecosystem graph, top signals & trends, and the valuation range.

Income statement & margin structure
SWOT, moats & dependency map
Supplier–customer ecosystem graph
Signals, trends & valuation range

See plans

Not financial advice — analyst work product for a qualified professional.

CEG·Independent Power Producer (IPP) — competitive merchant generation (nuclear + gas) and competitive retail supply

Constellation Energy

ConvictionStrong

Revenue

$25.5B FY2025+8.3% YoY — fact); Q1 FY26 $11.1B (+64% YoY on Calpine consolidation — fact

Rev growth

+8.3% FY25+64% Q1 FY26 YoY (Calpine-driven, not organic — fact

Gross margin

Op margin

~12% FY2025$3.09B op income / $25.5B — fact); ~22% in Q1 FY26 on Calpine mix + favorable spreads (fact, quarter-specific

Capex intensity

~$3.9B planned capex on a ~$30B+ combined revenue base ≈ ~12–13% capex/revenueestimate

Market cap

~$84–88B24 Jun 2026; price ~$268, down ~33% from the ~$402–412 52-wk high — fact

Across the boards

The thesis on this name

opportunityModerate

State of Data-Center Power

Full context

position · longStrong

State of Data-Center Power

Full context

book · long

State of Data-Center Power

Full context

Primary source

Reported financials — SEC EDGAR

Audited GAAP figures pulled from SEC filings · latest filing 2026-02-24. The audited primary-source spine — not financial advice.

Live feed

Revenue — annual (GAAP)

FY’22

$24.4B

FY’23

$20.8B-15%

FY’24

$19.0B-9%

FY’25

$22.7B+20%

Margins & balance sheet — FY’25

Operating margin13.6%

Net margin10.2%

Net debt$16.6B

The read

Where our coverage leans

Coverage leans bullish

Members only

Full financial intelligence for Constellation Energy

Earnings, margins & COGS, the income-statement breakdown, SWOT, moats & dependencies, the supplier–customer ecosystem graph, top signals & trends, and the valuation range.

Income statement & margin structure
SWOT, moats & dependency map
Supplier–customer ecosystem graph
Signals, trends & valuation range

See plans

Not financial advice — analyst work product for a qualified professional.